The Tax Professionals Blog
Surrogacy Fees and Taxes
Posted by Lee Reams Sr., BSME, EA on
You won’t run across it very often, because the number of surrogacies compared with conventional births is very small. Generally, surrogacy arrangements are made through surrogacy agencies. Surrogacy is a legal arrangement – the surrogate mother, the parents and the agency all have entered into a binding contract and in the event of a breach of that contract, can be held to the terms of the agreement.Mismatched W-2 Notices
Posted by Lee Reams Sr., BSME, EA on
Your business clients may begin receiving notices in 2019 from the Social Security Administration (SSA) related to Forms W-2 (Wage and Tax Statement) they submitted that contain name and Social Security number (SSN) combinations that do not match the SSA’s records. The SSA refers to these notices as Educational Correspondence (EDCOR).
21% of Taxpayers Will Be Underwithheld For 2018
Posted by Lee Reams Sr., BSME, EA on
The Government Accountability Office (GAO), in a report assessing the impact of the Tax Cuts and Jobs Act provisions and the withholding allowances established by the IRS, has estimated 21% of taxpayers will be underwithheld for 2018, up from 18% in 2017.
S Corporation Medicare Premiums Reimbursement
Posted by Lee Reams Sr. on
A frequent question that arises is whether a shareholder of an S corporation can deduct above-the-line Medicare premiums.133,000 Injured Veterans Entitled To Tax Refunds
Posted by Lee Reams Sr. on
133,000 Injured Veterans Entitled To Tax Refunds - As a result of the 2016 Combat-Injured Veterans Tax Fairness Act more than 133,000 injured vets may qualify for a tax refund. The minimum refunds are estimated to be $1,750 meaning the government will be paying out an estimated minimum of $228 Million.